EUROPEAN MORNING BRIEF 24/07: Rusal share price jumps 14.8%; global copper surplus shrinks; LME's Ali cash/Aug spread swings to contango

Good morning from Metal Bulletin's offices in Asia as we bring you the latest news and pricing stories on Tuesday July 24.

Base metals prices on the Shanghai Futures Exchange were split into two camps during morning trading on Tuesday, with nickel, zinc and tin weakening, while the rest ticked higher - led by a 0.7% increase in copper.

Check Metal Bulletin's live futures report here.





UC Rusal's share value rose by 14.8% on the Hong Kong Stock Exchange on Monday after the US Treasury said late last Friday it was open to lifting sanctions on the Russian aluminium producer.

The global refined copper market remained in a small surplus of 60,000 tonnes through April, shrinking from the 153,000-tonne surplus posted at the end of the first quarter, according to data released by the International Copper Study Group on July 20.

The London Metal Exchange's nearby aluminium spread swung to a contango on Monday afternoon from a backwardation of $55 per tonne earlier.

The US Bureau of Industry and Security has granted UC Rusal subsidiary Rusal America Corp a Section 232 exemption for aluminium extrusion billet, according to a decision document issued by the agency and dated July 19.

Canada-headquartered lithium producer Desert Lion Energy has confirmed that it made its first shipment of lepidolite concentrate from its nameplate operation in Namibia on May 1 this year.

Monetary-driven precious metals outperform major base metals

Gold stocks hit by plunging equities markets

Gold stocks down as metal and equities momentum fades

Another Kazatomprom guidance announcement shakes uranium price

Major monetary drivers still supporting gold